Life insurance definition

Life insurance means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.

Life insurance means insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income and unless otherwise specifically excluded, includes individually issued annuities.

Life insurance means that term as defined in section 602 of the insurance code of 1956, Act No. 218 of the Public Acts of 1956, being section 500.602 of the Michigan Compiled Laws.

Examples of Life insurance in a sentence

• Allowable salary expenditures include the following employer-paid expenses for approved emergency management positions: ▪ Gross earnings – no salary cap/maximum exists, Federal Insurance Contributions Act (FICA), Retirement, Health insurance, Life insurance, Dental insurance, and Vision insurance Positions ▪ Copies of all position descriptions for personnel paid with federal EMPG grant funds must submitted with the application.

• Where an employee does not participate in the Group Life insurance Plan, Local Authorities Pension Plan or Teachers’ Retirement Fund, accrued sick leave benefits shall be paid to the estate of the employee.

• Participation in the Optional Group Life insurance plan shall be on a voluntary basis.

• Life insurance benefits are provided in accordance with the plan approved by the Board of Education.

• Life insurance shall be in the minimum beneficial amount of $20,000 (unless otherwise agreed by the employee and the Union), and the health and dental coverages shall apply in the same manner as applies to all non-represented employees of Employer.

More Definitions of Life insurance

Life insurance means every insurance upon the lives of human beings, and every insurance appertaining thereto, including the granting of endowment benefits, additional benefits in the event of death by accident, additional benefits to safeguard the contract from lapse, accelerated payments of part or all of the death benefit or a special surrender value upon (A) diagnosis of terminal illness defined as a life expectancy of twelve months or less, (B) diagnosis of a medical condition requiring extraordinary medical care or treatment regardless of life expectancy, (C) certification by a licensed health care practitioner of any condition which requires continuous care for the remainder of the insured’s life in an eligible facility or at home when the insured is chronically ill as defined by Section 7702(B) of the Internal Revenue Code and regulations thereunder, provided the accelerated payments qualify under Section 101(g)(3) of the Internal Revenue Code and all other applicable sections of federal law in order to maintain favorable tax treatment, or (D) certification by a licensed health care practitioner that the insured is chronically ill as defined by Section 7702(B) of the Internal Revenue Code and regulations thereunder, provided the accelerated payments qualify under Section 101(g)(3) of the Internal Revenue Code and all other applicable sections of federal law in order to maintain favorable tax treatment and the insurer that issues such policy is a qualified long term care insurance carrier under Section 4980c of the Internal Revenue Code or provide a special surrender value, upon total and permanent disability of the insured, and optional modes of settlement of proceeds. “Life insurance” also includes additional benefits to safeguard the contract against lapse in the event of unemployment of the insured or in the event the insured is a resident of a nursing home. Amounts paid the insurer for life insurance and proceeds applied under optional modes of settlement or under dividend options may be allocated by the insurer to one or more separate accounts pursuant to section four thousand two hundred forty of this chapter.

Life insurance means basic life insurance paid for by the SEBB organization, as well as supplemental life insurance offered to and paid for by school employees for themselves and their dependents.

Life insurance means basic life insurance paid for by the em- ploying agency, as well as supplemental life insurance offered to and paid for by employees for themselves and their dependents. Life insur- ance for eligible retirees includes retiree term life insurance of- fered to and paid for by retirees.

Life insurance means a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.

Life insurance means life insurance as defined pursuant to N.J.S.A. 17B:l17-3

Life insurance means contracts that incorporate mortality risk,

Life insurance means a contract of insurance upon the lives of human beings. The following contracts are considered to be contracts of life insurance within the meaning of this definition: